Data Analysis Tools  Description  There are around 28 important tools and techniques used by project managers to organize, assess, and evaluate data and information. Tools  Alternatives analysis Assessment of other risk parameters Assumption and constraint analysis Cost of quality Cost-benefit analysis Decision tree analysis Document analysis Earned value analysis Influence diagrams Iteration burn down chart Make-or-buy…
Data Gathering Tools  Description Data gathering techniques are used to collect data and information from a variety of sources. There are 9 data gathering tools and techniques. Tools Benchmarking Brainstorming Check sheets Checklists Focus groups Interviews Market research Questionnaires and surveys Statistical sampling  Â
Data Representation Tools  Description  These techniques are used to show graphic representations or other mediums or methods to convey data and information to the stakeholders. There are around 15 data representation tools and techniques. Tools Affinity diagrams Cause-and-effect diagrams Control charts Flowcharts Hierarchical charts Histogram Logical data model Matrix diagrams Mind mapping Probability and impact matrix Responsibility…
Decision Making Tools  Description  This technique is used to select a course of action from multiple alternatives. There are 4 important decision making techniques.  Tools  Autocratic decisionmaking Multicriteria decision analysis Prioritization/ranking Voting Â
Statemenet of Work (SOW) It is a contract in the for of a document that provides a detailed explanation of the outcomes you may expect from the project. It provides information of the deliverables, milestones, schedule and other terms and conditions.  Usage Used by the customers while a contract to the vendors for work.
Stakeholder Analysis Stakeholder analysis is a method used to find and understand the different people who have an interest in a project or organization, as well as to figure out how their interests, power, and possible effects on the project or organization could be measured. The analysis involves figuring out who the stakeholders are, how interested and…
Variance Analysis Variance analysis is a key tool used in project management to keep track of and manage how a project is going. It involves comparing how the project actually turned out to how it was planned or expected to turn out. This is done to find any differences or variances. In project management, the goal of…
Threshold A threshold is a certain level, point, or value that triggers a decision or action. It is a limit or boundary that defines a certain situation, state, or condition. Thresholds can be used in many different fields, including project management, finance, science, medicine, technology, and more. Â Usage It is used in monitoring and control and…
